_edited_edited.png)
(US) Tuesday Morning Online Reading Summary
Tue, 20 Dec 2022 7:00 AM EST
PROJECT SYNDICATE
- Jayati Ghosh, Professor of Economics at the University of Massachusetts Amherst, is a member of the UN Secretary-General’s High-Level Advisory Board on Effective Multilateralism believes that financial deglobalization is the next step: “The ongoing fragmentation of the world economy marks the likely end of an era characterized by increasing integration through trade and finance. Faced with a debt crisis that is partly the result of unregulated and volatile portfolio flows, low- and middle-income countries must impose more effective capital controls.”
CRAMER’S MAD MONEY
- POSITIVE: DraftKings Inc., M&T Bank Corp
- SPECULATIVE: Applied Industrial Technologies, Applied Materials Inc.,
- NEGATIVE: Star Bulk Carriers
WOMEN’S WEAR DAILY
- Primark is bringing its sharp-value, high-volume fashion format to downtown Brooklyn on Tuesday, with the opening of a three-level unit inside the City Point mixed-used development. With 49,000 square feet of selling space, the store is filled with $3.50 T-shirt bras, $11 workout leggings, $10 men’s button-down shirts, $11 hoodies, faux fur gilets for $32, and skinny, wide-leg and torn jeans in the $10 to $26 range. With the $4 women’s cycling shorts, “We sell thousands of these each week in the US,” said Kevin Tulip, the president of Primark US, during a preview of the new store.
DIGITIMES
- China remains ambitious to be self-sufficient for ICs despite the US' export controls against more Chinese chipmakers, including NAND flash memory maker Yangtze Memory Technology (YMTC) and AI chip developer Cambricon Technologies.
- Eswin Silicon Wafer Technology, a 12-inch silicon wafer supplier based in Xian, China has raised nearly CNY4B (US$573.6M) in series C funding from China National Building Material (CNBM) and other investors, according to market sources.
TECHCRUNCH
- Autonomous trucking technology company TuSimple plans to cut a chunk of its workforce, potentially as early as this week. The reported layoffs could affect at least half of TuSimple’s workforce, but a well-informed TechCrunch source said that number is not correct, but wouldn’t say more. It might be closer to 15%, according to online forums, some of which have speculated there’s been a game of telephone happening here (e.g. 15 sounds like 50). Talks of layoffs at TuSimple have been ongoing for weeks, particularly following the end of TuSimple’s deal with Navistar to co-develop purpose-built autonomous semi trucks. TuSimple has rescinded offers it gave to interns to join the company, and posts on LinkedIn and Blind have mentioned “huge layoffs.”
TALKING POINTS MEMO
- “The Musk saga is comparatively simple: A middle-aged buffoon on one-half midlife crisis, one-half power trip running roughshod over everything. But outside such extreme cases there are more basic challenges. The essence of the social media business proposition is to be the venue for literally everyone talking about everything while managing the venue through automated processes which keep the staff capacity and costs low. Put a different way, success means scale: revenues growing exponentially while costs grow arithmetically.”
POLITICO
- The release of a $1.7T year-end spending bill hit a snag Monday night as Democrats wrestled over a largely unrelated last-minute issue: where to put the FBI’s new headquarters. The disagreement comes down to language that could influence whether the FBI makes its new home in Virginia or Maryland, according to more than a half-dozen lawmakers and aides. House Majority Leader Steny Hoyer, among other Marylanders, are pushing for the language that will favor their home state, while Sen. Mark Warner of Virginia is leading his delegation in advocating for keeping current guidelines that favor his state.
THE HILL
- Former President Trump on Monday responded to the Jan. 6 committee’s decision to urge the Justice Department to prosecute him and some of his associates over their involvement in the Capitol riot and efforts to overturn the 2020 election, saying the move makes him “stronger.” “These folks don’t get it that when they come after me, people who love freedom rally around me. It strengthens me. What doesn’t kill me makes me stronger,” Trump said on his Truth Social social media platform.
ROLL CALL
- When the 118th Congress dawns, count on the Energy and Commerce Committee to strike a posture friendly to fossil fuels, back policies to support pipelines and revisit the topic of energy permitting. Rep. Cathy McMorris Rodgers, R-Wash., the incoming committee chairwoman, said securing the country’s electric grids, making critical infrastructure resilient to cyberattacks and accelerating the permitting process will be priorities. “I think there’s an opportunity to do some permitting reform,” Rep. Kelly Armstrong, R-ND, a committee member, said in an interview. Meanwhile, Democrats are girding to defend two of the Biden administration’s legislative achievements, the infrastructure law and the new health, tax and climate law. “We passed the most ambitious Democratic agenda in many years, and the next two years we’ve got to defend it,” Rep. Darren Soto, D-Fla., said. “Here, it’s going to be chaos.”
TradeTheNews.com - 3 Weeks Free Trial FX News Add TTA-UK on your registration to qualify for the 3 Weeks Trial.
Information is for general use only, not to be used as advice.
Commentaires